Anthropic publishes its IPO prospectus as first-half revenue grows 14-fold

Anthropic, the developer of the Claude AI models, published its IPO prospectus on October 26, 2026, and plans to list on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering. The filing shows first-half 2026 revenue of $16.3 billion, about 14 times the $1.2 billion Anthropic earned a year earlier.

What did Anthropic disclose in its S-1?

The prospectus is the first public look at Anthropic's finances, and the headline is revenue growth: $386 million in 2024, $4.6 billion in 2025 and $16.3 billion in the first half of 2026 alone.

The S-1 filed with the SEC leaves the price range and share count blank. As of September 30, 2026, more than 1,900 customers had each paid Anthropic over $1 million in the previous 12 months.

Why is Anthropic's net loss so large?

Most of the loss is an accounting charge rather than cash spent: $72.4 billion of the $80.7 billion came from revaluing convertible notes, derivative liabilities and SAFEs. The operating loss narrowed to $693 million from $2.1 billion a year earlier, and on its adjusted, non-GAAP measure Anthropic earned $1.6 billion of operating income against an adjusted loss of $1.8 billion in the first half of 2025.

How much could the IPO raise, and when?

The size, price and date are not fixed yet. According to The Wall Street Journal, as reported by Investing.com, the listing could value Anthropic at $1.5–2 trillion and raise $100 billion or more in the week of November 16. In May 2026, Anthropic raised $65 billion at a $965 billion valuation.

Reuters reported, citing an investor at a pre-IPO meeting, that third-quarter revenue rose more than 45% from the second quarter to $16.8 billion, more than in the whole first half. That figure is not in the prospectus.

Which other AI-related companies have filed for IPOs?

Nscale, a London-based AI cloud provider, filed its S-1 on September 18, 2026, to list on the NYSE under the ticker NSCL. It discloses GPU services agreements with Anthropic worth up to about $44.6 billion; Anthropic also signed a $35 billion contract with Lambda. Oura, the Finnish maker of the Oura Ring, postponed its IPO on September 29, 2026, citing market uncertainty.

Disclosure: AMCH, the publisher of this blog, offers its investors participation in the IPOs of Anthropic, Nscale and Oura.

What are the risks?

The prospectus names them itself. Anthropic says it may not achieve or sustain profitability, does not expect revenue to keep growing at comparable rates and does not plan to pay dividends. As a controlled company, it lets its Long-Term Benefit Trust elect a majority of the board, so public shareholders will have less say than in a typical listed company. The terms may still change before pricing. How to read such a filing is covered in our guide to analyzing an upcoming IPO, and what happens when insiders can sell is explained in the article on the lock-up period.